Mondelez International no longer in pursuit of Hershey’s

Confectionery giant, Mondelez International, announced it has terminated discussions with The Hershey Company over a possible acquisition, which would have created the world’s largest confectionery company.

In July 2016, Mondelez International, which owns Cadbury chocolate, made a takeover bid of USD $107 million for The Hershey Company. However, the Hershey board voted unanimously to reject the offer.

This week, Chief Executive Officer of Mondelez, Irene Rosenfeld, said after additional discussion and recent shareholder developments, it had determined “there is no actionable path forward toward an agreement.”

“While we are disappointed in this outcome, we remain disciplined in our approach to creating value, including through acquisitions, and confident that our advantaged platform positions us well for top-tier performance over the long term,” Rosenfeld said.

At the time of the initial bid, The Hershey Company published a statement saying its Board of Directors carefully evaluated the interest, including consulting outside legal and financial advisers, but decided to ultimately reject the bid.